Hello, Welcome to Apple Discussions.
I am sorry to read that your iPhone fell into water. I know that can be frustrating when something like this happens.
Where did you purchase your iPhone from? If you bought it from Best Buy and also got their Black Tie Protection plan you may be eligible for assistance. As you stated earlier the Applecare Protection plan does not cover this.
And also mentioned earlier in the posts here you can consult with your credit card company for some options/perks that they may offer to customers who use their credit card for purchases.
You may even find an iPhone Repair company online or in your city that may assist with potential repairs.
iPhone and iPod: Water damage is not covered by warranty
http://support.apple.com/kb/HT3302